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Challenge Building a Mechanism for Trust in the Shared Economy
Building a Mechanism for Trust in the Shared Economy
STATUS: Awarded
Active Solvers: 284
Posted: Aug 15 2014
Challenge ID: 9933314
 
Team Project Rooms are available on this Challenge Team Share Challenge Share
Abstract

Trust is the belief that someone is reliable and honest. In forming this opinion, we are influenced by personal interactions, conversations, and observations. When entering a new relationship, how do you know whether or not a person is trustworthy? This is especially important when dealing with strangers. The internet has made it possible to buy, sell, barter, and share goods in different ways. The Seeker desires an approach that will enable people to establish meaningful trust profiles to facilitate decision making in a shared economy.

This is an Ideation Challenge with a guaranteed award for at least one submitted solution.

Overview

The internet has changed many aspects of our lives including the way we communicate with each other and where and how we buy things. Buying and selling online was once the domain of established retailers, but with the changing dynamics of the marketplace, the new mantra is: what’s mine can be yours, for a fee. We are becoming adept at trading and sharing goods and services, but what guarantees are in place to ensure that you can trust other parties? The Seeker desires an approach that will enable users to establish portable trust profiles to enable smarter and safer transactions while revolutionizing our shared economy.

This is an Ideation Challenge, which has the following unique features:

  • There is a guaranteed award.  The awards will be paid to the best submission as solely determined by the Seeker. The total payout will be a single award of $5,000
  • The Solvers are not required to transfer exclusive intellectual property rights to the Seeker.  Rather, by submitting a proposal, the Solvers grants to the Seeker a royalty-free, perpetual, and non-exclusive license to use any information included in this proposal, including for promotional purposes.

Submissions to this Challenge must be received by 11:59 PM (US Eastern Time) on September 15, 2014.  Late submissions will not be considered.

After the Challenge deadline, the Seeker will complete the review process and make a decision with regards to the Winning Solution(s). All Solvers that submit a proposal will be notified on the status of their submissions; however, no detailed evaluation of individual submissions will be provided.

What is InnoCentive?
InnoCentive is the global innovation marketplace where creative minds solve some of the world's most important problems for cash awards up to $1 million. Commercial, governmental and humanitarian organizations engage with InnoCentive to solve problems that can impact humankind in areas ranging from the environment to medical advancements.

What is an InnoCentive Ideation™ Challenge?

An InnoCentive Ideation™ Challenge is a broad question formulated to obtain access to new ideas, similar to a global brainstorm for producing a breakthrough idea or market survey which may include ideas for a new product line, a new commercial application for a current product, or even a viral marketing idea to recruit new customers. Ideation™ Challenge submissions are typically about two written pages, and Seekers receive a non-exclusive, perpetual license to use all submissions.

In an Ideation™ Challenge, Solvers may:

  • Submit ideas of their own
  • Submit third party information that they have the right to use and further the authority to convey that right and the right to use and develop derivative works to Seekers
  • Submit information considered in the public domain without any limitations on use

Solvers should not reveal any confidential information in their submissions. Often the Ideation™ Challenge will be followed by one or more of the other three Challenge types to further develop the ideas and gain Intellectual Property protection when the concept has been well-defined.

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InnoCentive Trust Partners